Al Rayan Everyday Saver Issue 3 - Surprise !

Malchester

Daliah said:

Rollinghome said:

jimexbox said:

Do Al Rayan support faster payments? 

They do. Can take an hour or two to show sometimes.

Last time I used them, about 5 months ago, they only made payments on working days

Same here. Won't use them again after I requested a transfer online early one Friday afternoon and by Monday evening it hadn't come through. I rang them and they said it needed releasing but were not going to tell me that, it was up to me to chase it up. Also you cannot close an account except in writing. They ask for lots of personal details (like net wealth). When I queried it they said they were required to ask that question by law - a lie. And they insisted on me having a phone conversation before I opened the account. So no matter what the interest rate I will never use them again

jimexbox

Malchester said:

Daliah said:

Rollinghome said:

jimexbox said:

Do Al Rayan support faster payments? 

They do. Can take an hour or two to show sometimes.

Last time I used them, about 5 months ago, they only made payments on working days

Same here. Won't use them again after I requested a transfer online early one Friday afternoon and by Monday evening it hadn't come through. I rang them and they said it needed releasing but were not going to tell me that, it was up to me to chase it up. Also you cannot close an account except in writing. They ask for lots of personal details (like net wealth). When I queried it they said they were required to ask that question by law - a lie. And they insisted on me having a phone conversation before I opened the account. So no matter what the interest rate I will never use them again

That's put me right off if thats a normal experience. Net wealth?? I've never been asked that ever. 

Daliah

I am using  them again, as they have leading rates, and as they served me well over the years, and I think I can manage their quirkyness, and their pretty below-par CS. 

I still have a remnant old saver with just a pound or so in there now, and I applied for issue 3. Much to my surprise, they didn't open this account straight away for me, and it took overnight for the account to show. No idea whether this is their normal process but my account is up and running at 1.8% now. Leaving Chase in the dust! (from a rate point of view, only. Functionally, the Chase savings account is still way ahead of all others)

The_Fat_Controller

Incoming payments are never credited instantly, today it took 40 minutes from a Nationwide account.

Withdrawals can be subject to delays, but I have never had to call to get one released and, as above, they seem to be working days only.

Like @Daliah, I can live with the quirks and questions on application forms that may seem to be intrusive to others.

I hope Issue 3 gets rate updates, I don't want to have to open yet another account with them.

kaMelo

The_Fat_Controller said:

Incoming payments are never credited instantly, today it took 40 minutes from a Nationwide account.

Withdrawals can be subject to delays, but I have never had to call to get one released and, as above, they seem to be working days only.

Like @Daliah, I can live with the quirks and questions on application forms that may seem to be intrusive to others.

I hope Issue 3 gets rate updates, I don't want to have to open yet another account with them.

It already has, it was 1.6% originally and now it is 1.8%

The_Fat_Controller

@kaMelo, PRECISELY what I said, kindly read my OP !

LOL

Even though Issues 1 and 2 were "variable" they did not get any recent increases.

kaMelo

Suitably chastised I'll get my coat

Oasis1

Malchester said:

Daliah said:

Rollinghome said:

jimexbox said:

Do Al Rayan support faster payments? 

They do. Can take an hour or two to show sometimes.

Last time I used them, about 5 months ago, they only made payments on working days

Same here. Won't use them again after I requested a transfer online early one Friday afternoon and by Monday evening it hadn't come through. I rang them and they said it needed releasing but were not going to tell me that, it was up to me to chase it up. Also you cannot close an account except in writing. They ask for lots of personal details (like net wealth). When I queried it they said they were required to ask that question by law - a lie. And they insisted on me having a phone conversation before I opened the account. So no matter what the interest rate I will never use them again

Thanks for sharing your experience. That makes it a no for me as I want an account I can easily withdraw from whenver I need it!

adindas

Oasis1 said:

Malchester said:

Daliah said:

Rollinghome said:

jimexbox said:

Do Al Rayan support faster payments? 

They do. Can take an hour or two to show sometimes.

Last time I used them, about 5 months ago, they only made payments on working days

Same here. Won't use them again after I requested a transfer online early one Friday afternoon and by Monday evening it hadn't come through. I rang them and they said it needed releasing but were not going to tell me that, it was up to me to chase it up. Also you cannot close an account except in writing. They ask for lots of personal details (like net wealth). When I queried it they said they were required to ask that question by law - a lie. And they insisted on me having a phone conversation before I opened the account. So no matter what the interest rate I will never use them again

Thanks for sharing your experience. That makes it a no for me as I want an account I can easily withdraw from whenver I need it!

In my personal opinion,  in many instances this could be sorted out by managing one's personal cashflow.

If the amount of saving is reasonably high, put them in different places with majority if them are in the highest paying interest. You will need to that anyway reagrdless

The interest is reasonably better than other current accounts or notice saving accounts.

Bigwheels1111

Opened mine today, 2 more days and my Chase savings account will be almost empty and this one fully funded.

Anyone know the Withdrawl  limit for Al Ryan.

Thanks in advance.